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20100202
20100202
Search Results 0 to 5 of about 6 (some duplicates have been removed)
. bernanke said it. a lot of people said it. and then i said it after you said it. >> i know it. and you're on optimist. >> i am an optimist. >> in terms of why i thought it was contained was, first of all, i was talking about subprime and we made the mistake of just simply saying the subprime was not big in relation to a 13, $14 trillion u.s. economy. and what was really going on is we were talking about housing overall and since world war ii, housing, residential home prices, had generally gone up. and the mortgages were just considered to be very safe investments. and so the kind of decline we saw was something that was not envisioned in any kind of model. it wasn't anything that many people that were close it to -- after the fact, it seems obvious to all of us. but the -- and so when you had the kind of decline we saw in housing prices that changed the behavior of those of homeowners, and, also, the other thing you and i were talking about before the show is this -- all of this complexity. so when -- it. >> it's crazy. mortgage-backed securities that were rated triple-a by a bunch of
economic appointees, brank bren bernan bernanke, who was the chairman of economic advisers under bush, and henry paulson, a very decent guy, came to us, the democratic and republican leadership and said, we need to do this bill. otherwise you go back a step. on the tuesday of that week, mr. bernanke and mr. paulson came to us and informed us, didn't ask us, that they had decided to provide money to aig. that was a bush administration unilateral decision. they then came back two days later and said, would you vote on $700 billion? we said, well, here's what we'll do. because you've announced that the world will collapse if we don't do it. and i think they were right that there was terrible trouble. but when the two top presidential appointees come to tell you, if you don't do this publicly, there'll be a collapse, then there'll be a collapse, because confidence is so important. so we were the ones who insisted on putting some pay controls on there. you're going to have ken feinberg on later. we also said, no, you can't do the $700 billion all at once, you've got to do it in sections. i
bernanke is in, senator. >> yes, he is. >> that's all right with you, though. you're going to be okay, right? >> i'm going to be okay. i offer my congratulations. but i think it does accepted a message to be confirmed by the lowest margin in history, sends a message about the concern about the role he played and the build-up to the crisis. >> yeah, but senator, you were ready to take the other side, knowing he would get confirmed, and your constituents can still say, well, at least this senator took the populus side. took the. >> i took the position as the only democrat taking that position after a careful review of the things he stood for, alignment with greenspan, failure to resfond derivatives. the failure on consumer protection, the things you are talking about in terms of prepayment penalties and liar loans and so i think he failed on many fronts but he is there now and i hope he does a great job on monetary policy and gets consumer protection in an agency that will care about it. >> senator, thanks. you have to keep coming back. >> thank you. >> oregon, oregon. i know how to say
said --ç and i remembered s@iing this to bernanke -- i believe for theç denning wall . you guys and your friends and wall street caused the problem. even if you think the ballot as necessary, i tell you what to do. go back to the richest and saying we are putting a surtax on millionaires and billionaires to pay for the bailout. that was my view. xd and iç think what michael is talking about, there was huge frustration and anger in this countryq that government has worked to protect the interest of wall street whileç ignoring- çkow3michael talkingi] about tt that he is a father tried to send kids through college. we are putting more money into programs but we have a lot more to do. i think what people are saying and crying out for, what about us. we are working 50 or 60ç hoursa week, start worrying about us and not just the big money interests. i (jjtjr host: senator bernie sanders, thank you for coming on "washington journal." we will take a short break and will become that the discussion regarding the economy and the latinoç community but the president of la raza. fir
paulson, chairman bernanke along with me. our judgment was those problems would have been dramatically amplified if aig had failed and they would spread to parts of the system that would have otherwise been unaffected, including basic confidence in the insurance industry. >> or is it to the derivative business? securities lending and insurance companies? the commercial paper? the aircraft leasing business? or something else? >> it is hard to separate. what is systemic risk is a difficult thing to judge. >> we are all finding that out. >> that is the reality of it. i think the simplest way to say it is look at what happened after lehman brothers and the broader collapse of many of the large institutions. the value of american savings fell 40%. hundreds of thousands of businesses forced to close. mary and the people lost their work. basic confidence in the system was broken. derivativto have vote largest ie company in the world that had written savings contracts hundreds of thousands of american households, and under a state and local governments, to have that institution fail in that en
Search Results 0 to 5 of about 6 (some duplicates have been removed)